Brazilian joint venture with Portugal Telecom was facing possibility of being dissolved

Spain's Telefónica seems to have finally persuaded Portugal Telecom (PT) to part with its 50% stake in their Brasilcel joint venture (JV) which in turn controls 60% of Vivo, Brazil's leading mobile telephone operator. Telefónica wants to merge Vivo with its under-performing Brazilian fixed-line operator Telesp to generate synergy savings of around €3.1bn, say lawyers.

EU driving significant sector restructuring and consolidation

It has been an uncomfortable twelve months for Spain's 45 savings banks, the cajas and caixas. Following the collapse in March 2009 of Caja Castilla La Mancha as a result of overexposure to the failed building sector, the Bank of Spain has insisted on sector consolidation in order for the rest to survive.

Road projects being cancelled or likely to experience lengthy delays

As part of the Spanish Government's austerity package introduced to reduce the country's 11.2% GDP deficit, the Public Works and Transport Ministry (Fomento) has announced a €6.4bn cut over the next two years for infrastructure projects both underway and awaiting tendering. Eighteen projects will be cancelled, 12 will be transferred to public–private partnership arrangements (PPP), two will be funded by other budgets and a further 199 delayed.

Litigation in Bilbao and Madrid sees the removal of ACS member from Iberdrola's Board

Sensing an end to the Spanish construction boom back in 2006, leading sector player ACS decided to diversify into energy. As a result, it now owns 12.6% of Spain's biggest energy company Iberdrola and has stated an intention to build up its stake to 20%. To fund this, ACS has already disposed of a 45% stake in another energy company, Unión Fenosa, at a €2.2bn profit and is now seeking to reduce its holding in concessions and telecoms giant Abertis through a leveraged buyout.

Secondary market profits with expectations for main index

Spain's Alternative Investment Market (Mercado Alternativo Bursátil – MAB) is now a year old and has recently seen its seventh listing. Just before the anniversary of its launch, it admitted two new SMEs, Bodaclick and Neuron Biopharma. Among the firms helping MAB´s growth include Uría Menéndez, E&Y Abogados, Landwell, Cuatrecasas, Ramon & Cajal and Dutilh.

Spanish football fans may still be euphoric after the national team won the World Cup for the first time, but they may not be seeing their national heroes on television next season.

Last year's dispute between the two companies that hold match television screening rights, Mediapro and Audiovisual Sport (AVS), has returned. A Madrid Commercial Court has confirmed an earlier provisional ruling ordering Mediapro to pay €105m to AVS, plus a further €31m in interest and costs, as well as returning match transmission rights to it within ten days.

Spanish banking giant looking to new markets for market share and capital

Banco Santander, Europe's leading bank by capitalisation, continues to impress the financial world, say lawyers. While competitors are retreating it still has its cheque book open.

The Madrid office of Freshfields has advised a consortium of real estate investment funds in the second phase of the sale and leaseback of the branch network of Spanish bank BBVA.

Herbert Smith has advised private equity firm Magnum Capital Industrial Partners on the acquisition of Centro Médico Teknon, Barcelona's leading private hospital, in a deal valued at €140m from BC Partners.

New York Summit is possibly the last chance to achieve Millennium Development Goals

With only five years left until the 2015 deadline to achieve the Millennium Development Goals (MDGs), UN Secretary-General Ban Ki-moon has called on world leaders to attend a summit in New York from September 20-22nd to accelerate progress towards them. Six of the eight goals are of particular interest to UNICEF as they explicitly link the rights of children to concrete performance measures.

Hogan Lovells has announced a new Managing Partner for the firm’s Madrid office.

Portugal’s Pedro Pinto Reis & Associados has announced that it is to expand significantly and change its name after the integration of a group of four new partners and six other lawyers.